Cut Your Costs By Taking Control Of Your Currency Transactions

Take control of your monthly currency exchange away from your bank, and
potentially save enough to hire another senior full-time member of staff.

Use a foreign exchange specialist for transferring money overseas.

11:04AM BST 21 Aug 2012

Business banking is not cheap, and at times like this when we are all looking to boost our profit margins by as much as possible, it is important to consider all of the costs your business faces, no matter whether they are employee wage costs, or currency transactions.

In our increasingly global workplace, currency exchange is becoming a far more commonplace transaction for many businesses, and there are some major savings to be had.

Some bank charges are unavoidable – for example, the bank is likely to charge you just to have a business account no matter how you use it, and let’s face it, you need to have that account to keep your business running smoothly. But when it comes to dealing with currency transfers overseas, you do not have to accept the service & charges that your bank offers.

The Telegraph Business Foreign Exchange Service provided by Moneycorp, offers you a real alternative to the bank when it comes to making sure you are getting the best deal possible on your international business money transfers. You can generally get better rates than the high street banks will offer, but you can also benefit from much lower fees than you would suffer elsewhere.

For example, let’s say you needed to transfer £100,000 to buy goods or property in the eurozone. The average rate you would have been offered by the high street banks on June 22 this year would have given you £2,992 less than you would get from the Telegraph Business Foreign Exchange Service – that amount of money can have a serious impact on your business.

If you think about it, if you need to exchange that kind of sum each month to keep your business wheels greased, you would be losing £35,904 by sticking with your bank for the exchange – that is enough to hire another senior member of staff, or perhaps to take on a number of part-time workers who will be able to help your business move forwards to the next level.

It could buy IT equipment that you desperately need to upgrade, allow you to reduce any borrowing your business has, or it could simply boost your profit margins, giving you more income yourself, or encouraging new investors to come on board and help to boost your business still further.

Remember, this is only the saving you will make on the currency exchange too, there are other savings to be made when it comes to costs. For example, a bank’s phone service would cost you up to £21 to make this currency transaction. Some local branches may do you a better deal, but you would have to ask and hope.

The Telegraph Business Foreign Exchange Service charges a fraction of this to transfer money overseas, and what is more, you get your own dedicated account manager who will help you to make the right deal at the right time.

Cyprus has become the latest country needing a bailout from the EU, prompting a further weakening of the euro, which means you can get more for your exchange deal. Our experts are specifically trained to help you get the most out of your currency trade no matter when you need to make it. In addition, you can fix the price of the currency for your transactions going forwards for up to two years, so you can be certain about the impact your foreign exchange exposure will have on your profit margins.

If you have any concerns about your currency exposure throughout 2012 or would like to discuss your upcoming needs, the Telegraph Business Foreign Exchange service can help. Call 0800 410 1536 or visit www.telegraph.co.uk/fx for more information.